List of Contributions

Thank you Mitch and all for the thoughtful contributions, this has been a very engaging discussion. One additional way I find useful to look at this is to think of risk not just as a subset of uncertainty, but as the point where a decision has to be made. In real projects, uncertainty is always present, ...

I really like the distinction between reducible and irreducible uncertainty, because it reflects how engineering decisions actually get made. Even when uncertainty is epistemic and theoretically reducible, in real projects we almost always stop reducing it early, due to time, cost, or institutional pressure. ...

Thanks for the clarification. I'm not a risk-management specialist, but I'm very interested in this topic because, as engineers, we deal with risk and uncertainty every day and still have to make decisions. I agree that, in practice, it is often more useful to focus on likelihood, consequences, consequence ...

I like your proposal. To keep it simple and consistent with Frank Knight: Risk: The possible outcomes are known, and probabilities can be assigned to them. Uncertainty: The possible outcomes, their probabilities, or both are not known. In real life many "risk models" are in fact uncertainty models ...